Saturday, July 06, 2013
Massachusetts Foreclosure Regulations Amended
The Massachusetts Division of Banks amended their foreclosure regulations last month by adding subsections relative to requirements for mortgage loan modifications. (209 Code of Mass. Regulations 56) The amendments became effective on June 21, 2013, and "they require lenders to consider loss mitigation options before proceeding to foreclosure. Lenders must compare the cost of the mortgage loan modification to the cost of foreclosing using a net present value analysis prior to foreclosure on certain mortgage loans." For further information, see the Division of Bank's press release and the Trial Court Law Libraries' web page on foreclosure.